DGAP-News: TAKKT AG / Key word(s): Preliminary Results
TAKKT sales exceed EUR 1 billion for the first time - Management Board proposes change in dividend policy
- Organic consolidated sales up 4.7 percent, reported sales up 8.5 percent
- Management Board proposes a change in dividend policy to the Supervisory Board as well as a dividend distribution of EUR 0.50 (previous year: 0.32) per share
- EBITDA margin of 14.8 percent (14.0 percent) in upper range of target corridor
- Significant increase in earnings per share of EUR 1.24 (1.00).
- TAKKT cash flow rises to EUR 114.2 (98.7) million
- Post-Up Stand and BiGDUG acquisitions show good performance
Stuttgart, Germany, February 18, 2016. TAKKT was able to increase consolidated sales over the previous year organically (i.e., adjusted for currency as well as disposal/acquisition effects) by 4.7 percent in the 2015 financial year. The financial year was once again characterized by very different business developments in the core markets of Europe and North America. Reported consolidated sales rose by 8.5 percent to EUR 1,063.8 (previous year: 980.4) million, exceeding the EUR 1 billion threshold for the first time.
"It is the first time in the history of our company that we have sold over EUR 1 billion in products - another important milestone that we are proud of. In addition to the organic increase in sales, both of the acquisitions made during the financial year contributed to our growth. We are at the upper end of our initial expectations for the 2015 financial year," remarked Felix Zimmermann, CEO of TAKKT AG, on the past financial year.
Improved profitability due to portfolio effects
EBITDA (earnings before interest, taxes, depreciation and amortization) of EUR 157.3 (137.3) million was significantly over the previous-year figure. The increase is attributable to the organic growth and to the currency effect resulting from translation of the strong US dollar and the Swiss franc to the reporting currency of euros, the contribution to the result from both of the newly acquired companies and income from the deconsolidation of the PEG. The EBITDA margin came to 14.8 (14.0) percent, placing it once again at the upper end of the target corridor of 12 to 15 percent. Without the one-off income from the deconsolidation of PEG, the EBITDA margin in 2015 came to 14.5 percent. The higher margin is mainly attributable to the sale of the less profitable PEG, which had dampened profitability in the previous year. Earnings per share increased significantly to EUR 1.24 (1.00).
The TAKKT cash flow (the profit for the period plus depreciation and amortization, impairment of non-current assets and deferred taxes affecting profit and loss) amounted to EUR 114.2 (98.7) million. This corresponds to a cash flow margin of 10.7 (10.1) percent and a TAKKT cash flow per share of EUR 1.74 (1.50).
Management Board proposes change in dividend policy
As a consequence of the proposed change of the dividend policy, the Management Board of TAKKT AG also resolved - subject to the approval of the Supervisory Board - to propose to the Shareholders' Meeting on May 10, 2016 a dividend payout of EUR 0.50 (0.32) per share for the 2015 financial year. This corresponds to a payout ratio of 40 percent of profits for the period. "With the change in our dividend policy we strive for a dividend stream that is as consistent and reliable as possible and also want our shareholders to participate to a greater degree in TAKKT's success," explains Felix Zimmermann about the future provision.
TAKKT EUROPE: Subdued development in both divisions
Performance of the Business Equipment Group (BEG) was positive in Southern and Eastern Europe as well as Scandinavia but restrained in other markets. Inhibited by the general reluctance to invest in the Swiss market, the division achieved only slight organic growth. The Packaging Solutions Group (PSG) also realized only slight organic sales growth as a consequence of the rather restrained trend in the German market. Ratioform acquired 100 percent of the shares of its former franchise partner in Austria effective January 1, 2016.
The EBITDA margin of the segment was below the previous year's level at 18.3 (19.1) percent. This is mainly attributable to the modest sales development of TAKKT EUROPE.
TAKKT AMERICA: Above-average sales growth
The EBITDA margin of the segment came to a markedly improved 13.1 (10.3) percent. After adjusting for the aforementioned effect on earnings from the sale of the PEG, the margin came to 12.5 percent in 2015. The good business development, the phase-out of the less profitable PEG business and the acquisition of Post-Up Stand had a further positive effect because the new US company realized an above-average EBITDA margin.
Strong final quarter 2015 with organic growth of 5.2 percent
Outlook: Continuing organic growth
TAKKT will give further details on the 2015 consolidated financial statements and assessment of future business development with the publication of the 2015 annual report on March 17, 2016.
About TAKKT AG
The TAKKT Group has over 2,000 employees and just under three million customers worldwide. The company is listed on the SDAX and Deutsche Börse Prime Standard.
|Phone:||+49 (0)711 346 58 -0|
|Fax:||+49 (0)711 346 58 - 10|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Munich|
|End of News||DGAP News Service|